Chicago Rivet Fastener Profit Improves
Chicago Rivet Fastener Profit Improves
Jason Sandefur
Chicago Rivet reported fastener revenue slipped 5% to $8.7 million, dampened by reduced auto industry demand. However, fastener profit grew 12% to $726,469.
“While weakness in this market continues to be a concern, our fastener segment sales decline is actually less than the decline in domestic automotive production during the first quarter, as we were able to increase sales to certain non-automotive customers,” the company stated in an SEC filing.
Expediting and rejection expenses declined $83,000 during Q1 due to new inspection equipment. Outside machining declined $142,000, helped by a change in product mix.
Overall Q1 revenues declined 9.1% to $9.95 million, with net income dropping 20% to $310,272. Web: chicagorivet.com �2007 FastenerNews.com
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